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us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that'sbout 8% of that deficit. so does that suggt we have a tax problem or, perhaps, a spending problem? think about this taxpayers making more than $250,000 representing the top 2% paid more than 46% f all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campaigns untack sites all around the country and against the wealthy, he's doing a lot of that. the bush tax rates are not the root of our problems. in fact, individual tax payments rose, get this, $2,303,000,000,000 or 26%. over the past two ears. under those very low unshare
deficits, but many things can change. as we all know with a budget, as the economy changes, as we get better revenue forecasts we have a different understanding of the budget and can adapt to it and balance to that level later on. so i really do think that taking a look at some of the funding sources here, it really ought to come i think from a place where the school district says it is their priority and that they're willing and able to use rainy day funds and even not that the reserves that they expect to have towards the end of the year. again they ended last year's school year with a fund balance of -- this year of 26 million. fundamentally i don't disagree with the usage but i think the source of funding is important for the city to consider especially knowing that we have other impacts that may flow down for us. so i will be -- if i could take the amendment in two parts, one to reduce the level of funding from the 2.upon million to the 2.205 and separate out the funding source instead of it coming from the state revenue loss, coming from the rainy day. >> supervisor chu asked to
at the same time. it's not very good for the long-term deficit. but as i always say, no one actually cares about the deficit. >> right. the -- there's a report out tonight that tim geithner made a fascinating proposal to boehner today which is basically get congress out of the debt ceiling game. mr. geithner proposed permanently ending congressional purview over the federal borrowing limit. republican aides revealed this. he said that congress could be allowed to pass a resolution blocking an increase in the debt limit, but that the president would be able to veto that resolution, and so then only a two-thirds -- two-thirds of lawmakers would be necessary to override a veto. put it -- put basically the debt ceiling into presidential veto land, as a spot where they would have influence. they will not go along with this. it is a brilliant and correct idea. >> it's a brilliant idea. and i think the fact that we're actually hearing democrats talk about the 14th amendment solution, saying the debt limit is unconstitutional in and maybe we'll go there and the fact we're actually hearing there is
and bridges and our schools. and i want to do all this while bringing down our deficits in a balanced and responsible way. [ applause ] on this last point, you probably heard a lot of talk in washington and in the media about the deedlines that we're facing on jobs and taxes and investment. this is not some run-of-the-mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make that are going to have a real impact on businesses and families all across the country. our long-term goal is to get our long-term deficit under control in a way that is balanced and is fair and that would be good for businesses, for our economy, for future generations. and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue, we've got to cut out spending we don't need, building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america's paying its bills while
be appreciated for that. it did put us on a path to getting our deficit in order. people have talked about the need for leadership. i think that the surprise of newt gingrich and his departure in the circumstance, where the administration had passed the majority of his party and the majority of the democrats get together and do this, everyone knows about this. it was clearly putting a personal agenda ahead of a governmental one at that point. my lesson is to be alert and keep your eyes open. third, i would say something you were expecting is not happening. what happened to us was the effect on the budget -- it was that the energy crisis spike. we have spent a lot of time working on energy taxes or the alternative of energy taxes. .. >> debt is higher now than since world war, and 90% of the debt was owned to the americans, and the reason that the pressures don't seem as real as they are, and here, i want to be clear that the pressures are not next year and the year after. the pressures are between now and 2020 or even later is that europe has been in such a bad shape. that is, when you tie
and afghanistan, shaving another trillion off of the deficit. that gets us to around 4 trillion in deficit over the next ten years. we are almost at 5 trillion in deficit reduction. as they sign the game shows, that's not all. the white house is also asking for about 200 billion in stimulus. according to the weekly standard, when senate minority leader mitch mcconnell saw the proposal, he quote, burst into laughter. he literally lol 'd. >> i've been very guarded in what i wanted to say. i didn't want it make it harder for me it say or the president or members of both parties to find common ground. but when i come out the day after the election and make it clear that republicans will put revenue on the table, i took a great risk. and then the white house spends three weeks trying to develop a proposal and they send one up here, the calls for $1.6 trillion of new taxes, calls for not even $400 billion in cuts, and they want to have extra spending, that's actually greater than the amount they are willing to cut. i mean, it's -- it was not a serious proposal. and so, right now, we're almost nowhere
. the deficit is not the biggest problem in the country. the deficit is shrinking by hundreds of millions of dollars every year the president has been in office. to the extent we need to use debt to accomplish other goals, you may not like the idea in the abstract, but debt is cheaper now than it has been in a long time. focusing on the deficit is like arguing about the color you might paint your car while you're crashing that car into a tree. in washington the republicans are arguing about not a pretend problem but something that's a secondary problem. a problem that has no need to be the one problem we wreck everything else to solve. if you look at the real economy in the real world, outside of t stuff already think we're not growing enough to get back to a healthy economy. they cut the estimate to how much we are growing. people are not making enough money and therefore, not spending enough money and businesses are not hiring enough people. we need to be talking about growth. the problem in the country is an economic growth problem. the deficit, nobody wants there to be a deficit, but
repeatedly said and our caucus again just confirmed that job creation equals deficit reduction, and we must put the country back to work. we have proposals that are on the floor. we still believe that even with the -- what little time remains and what little time remains when we're actually working, this is still possible. this is still doable. this is not a democrat or republican issue. republicans believe that america needs to go back to work. it's just a matter of having the will to do it, the programs are out there. compromise can be made around the streamlining of regulations to make sure that we are putting people back to work. if chris christy and barack obama can get -- chris cristie and barack obama can get together on that, and i know what's transpired and how the impact of our infrastructure has taken place along the eastern seaboard, it's something we ought to be able to rally around immediately. and of course everyone, everyone deserves a $250,000 tax break. we all agree on that. so why not just simply adopt it and then come back and we'll have time to address the issues as it
we're getting this technically correct, how to cut the deficit in the medium to long-term so as to avoid an immediate and dramatic cut in the short-term. yes, that's right. now, this may well present a problem for john boehner's caucus, because john boehner sent a letter to the president this week with his own plan, which advocates what just might be the least popular policy in american politics. okay, maybe that's hyperbole. but just be a tiny bit, i mean, mandatory gay marriage, in which every single married straight person had to immediately divorce their spouse, and accept a state-assigned same-gender spouse to replace them would probably be more popular than what john boehner proposed this week. what john boehner is advocating is making medicare available to fewer americans. as it happens, there is brand-new polling out today on how americans feel about the idea of congress using these deficit negotiations to make cuts to medicare. 79% of americans say they do not want congress to touch medicare in these deficit negotiations. 79%. if you want to get specific about john b
the deficit calling for no tax increases and true cuts in government spending. >> as opposed to the clinton plan tax spend job loss. >> the president is taking us down the path of more travels, more spending and bigger government. >> let's force the president and the people who run the house and senate the democratic majority to play the cards on the table. >> he has to reduce the deficit for real. >> we'll have no new taxes and we'll have reform and less government as a solution to our problem. >> i think you're going to find what the republicans have done is dramatically more desirable. >> president clinton must understand that he has to cut spend forego real. >> you've got to be persistent in this business. >> cenk: they're saying the identical things nearly 20 years later. were they right? president clinton did raise the marginal tax rates for the top bracket. well, the heritage foundation, the leading conservative think tank predicted doom and gloom along with those republicans you just saw saying it would create higher deficits. they were a recipe for recession. it would "destroy jobs
. it is also the excesses. look at the road we are on. a trillion dollar deficit every year. a debt crisis on the horizon. debt on this scale is destructive on so many ways. one of them is that it draws resources away from private charity. even worse is the prospect of a debt crisis, which will, unless we do something very soon. when government finances collapsed, it is the most vulnerable who are the victims, which we are seeing in europe. many feel they have nowhere to turn. we must never let that happen here. and election has come and gone. the people have made their choice. policy-makers still have a duty to choose between ideas that work and those that do not. when one economic policy after another has failed our working families, it is no answer to expressed compassion for them or create government programs that offer promise but do not create reforms. we must come together to advance new strategies for the the people out of poverty. let's go with what works. looking around this room at the men and women who are carrying legacy, i know we are answering the call. this cause is right.
.o.p. forget tax rates in talks on the deficit, let's look at the spending. the speaker's swift rejection of an idea floated by representative tom cole of oklahoma, a respected party strategist and former chair of the house g.o.p. campaign committee came as the republicans voiced increasing concerns over the debate of the so-called fiscal cliff. boehner said it's time for them to get serious about the spending problem that our country has. republicans complain that for all the talk of coming up with a balanced budget plan, he has made little effort to identify specific proposals beyond increasing taxes on the wealthy. "the white house has not produced any of the balance in the president's described balance proposal that peter roscoe, the house g.o.p.'s deputy whip. boehner and the other house republican leaders will meet on thursday with treasury sec tir tim geitner and the white house's chief congressional li aison to discuss the fiscal cliff. that's the hill newspaper. here's politico this morning, inside the talk, fiscal cliff deal emerging is what some write this morning. and that's f
years, and he has looked at how they have attempted to reduce their budget deficits. based on i.m.f. data which is international monetary fund, he concluded the tax-based deficit reduction was, in his words, always recessionary, always. by contrast, reducing deficits by cutting spending and enacting pro-growth reforms, including tax reform, actually spurred economic growth, according to his study. i think that's consistent with our own economic history. between 1948 and 1961, a period when the highest income tax rate rose from 82% to 91%, we went through some tough times. we had four recessions. thankfully, our exports that helped rebuild europe after world war ii helped keep the economy moving. reducing the top tax rate to 70% also helped. but the 1970's were still a period of stagnation, recession, double-digit unemployment, double-digit interest rates, double-digit inflation. it was when ronald reagan reduced rates down to 28% that we saw this impressive period of growth, maybe the most impressive ever. this is something that we saw in 1997 again when capital gains cut under
to create jobs, to reduce the deficit, and again have fairness. this is the heart of the 3459er -- matter that is holding us here. as the public watches what is this about? this is about the $250,000 line that the president said in the campaign that he would honor and that that legislation today brings to bear. i urge my colleagues out of 435 members of the house, we only need a couple dozen republicans to sign the discharge petition. each one of them holds the key to a $2,000 tax cut for the middle class. either sign the petition, urge the speaker to bring the bill to the floor, or explain to your constituents why you do not want them to have this $2,000 tax break if they are -- for 100% of the american people. please sign the discharge petition. let's get this done this week. we could bring this bill up under unanimous consent. the message would be clear to the american people. we heard you in the campaign. be fair. do something that works. work togetha >> today, the house democratic caucus chairman charge republicans to protect the middle class from a tax increase. they spoke to report
. not a driver of the deficit but, hey, cut that. one more specific. preserve the bush-era tax rates for income over $250,000. it's not a tax increase for everybody who earns over $250,000. it's only the income over $250,000 that would get additional taxes if the bush-era rates went away and the president's proposal was passed. but, no, they want to preserve -- totally preserve tax cuts for income over $250,000. they want to preserve the reduced capital gains rate and dividends rate which principally who ben pets, who else, millionaires and billionaires. now -- benefits, who else, millionaires and billionaires. they did have the jay wellington wimpy plan. you remember him? popeye. i will pay you for a hamburger today. unspecified tax loopholes. we will lower the tax rates for the people on the top. but they'll raise over $800 billion. the ability to deduct the interest on their home mortgage, do they want to take that away? probably. got to come from something pretty big. they don't want to touch the billionaire, millionaire job creator class. now, you know, that's a pretty interesting position
is to go over the fiscal cliff. it maximizing the deficit reduction. there's no deal cut between republicans and democrats. it's not going to reduce the amount of money coming out of the deficit by a lot. so if you do that, you go back to the clinton tax rates, cut some defense and we have a short, mild recession for two quarters. we have to get serious about the deficit e. i have no belief that the congress is going to get serious about the deficit. so tom cole was right because he wants to get the republicans back in the mainstream. but the best thing the country could do is go over the cliff. >> timothy geithner doesn't agree with you on that. >> he may or may not. but i looked at this a lot of ways. the people inside washington are awfully smart and awfully out of touch. we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff.
by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering. the hsbc pmi, a private gauge of manufacturing, and the government's official pmi, both show a steady improvement for the industry in november. the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for external demand especially in the united states. people here are worried about the fiscal cliff
intervention to curb the deficit. it has been astronomical. then i heard barack obama say the way we are going to do it is by making more cuts in various ways. he was saying by making more cuts and the only people it is going to hurt is the working class and somewhat of the middle-class. he should mention the fact that out of control spending has a lot to do with the credit card crunch. specifically because of the middle-class. i think if we get those tax cuts centered with them, i do not think the poll would be affected. you have these small companies that are developing, and he is saying have those small companies hire more people and get them involved, but come consumer expenditures. that is partially i think a solution. host: you are calling on the republican line and you think hillary clinton would make a good candidate. would you vote for her in 2016? caller: i think she would be a very vital aspect to the political process. as far as her running for president, 2016 -- god knows what may happen from this point to that point. as far as her role as a democrat, i think by working along with
of payments deficit remains petroleum, and to increase our g.d.p. by the maximization of these activities in the united states rather than exporting our dollars abroad. so thank you very much and i think we can sit down now or -- yeah. >> thank you. give us a moment to take our seats. [applause] >> ladies and gentlemen, our panel discussion is about to begin, featuring senator lamar alexander, senator roy blunt, and our moderator, christine romans. >> can you hear me now? there we go. good morning, rn. -- all right. so i'm a lazy moderator. i've warned everyone. we want to get the ball rolling and talk about this report, talk about the future of energy in this country, and the future of transportation and america's national security with regards to energy. but i want to make sure that all of you know to please jump in. i don't want to ask a question and then ask another question. i want this to be a discussion, and i'll steer it. everyone agree? do we all agree? wonderful. let me start first with fred. nice to see you again. >> good to see you. >> you've heard the findings of the report,
the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern republican party. the right wing went crazy. and george bush lost re-election. since then the party's been committed to never compromising on the tax issue, no matter the deficit. no congressional republican has voted for an increase in taxes since 1990. think about it. for nearly a quarter of a century, no new income taxes. in the current congress, 236 house republicans vowed never to raise taxes. 40 gop senators also kept that pledge. even president george w. bush, the man who got us into two wars we didn't pay for. the president who exploded our deficit. he insisted the solution to our problems were more tax cuts. president clinton handed him a $236 billion surplus. a surplus. and left office with a $1.2 tr
the deficit, create jobs. so we know we have to have growth. we know we have to make cuts. we know we have to have revenue. you can't get from here to there without it. so if you read closely what they have in their letter, even though it's bare bones, you have voucher rising of medicare, you have a return to the ryan budget, which priorities are not priorities that i think the american people share. >> rates, can there be a deal done with the rates not going up? >> no. i'm an appropriator for a long time in the congress. we used cough to have an expres. it's not the price. it's the money. this is not to be punitive on the people who make over $250,000. it's just to be fair to the entire country. you need that additional revenue in order to reduce the deficit and continue to make investments in growth. >> if speaker boehner says that, you know, we're not going to move on the rates, where are we? >> i hope that's just a bargaining position. but the fact is we have talked about it two step. do a down payment on cuts, on investments and on revenue this year and then in the next year, take the
in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending cuts that are significant, that make sense, and
the deficit we have. the truth is, if you want to balance the budget, which i do, you have to have increased revenues and you have significant spending cuts. and you have said many times on this program that raising taxes on rich people is not enough to deal with the deficit. you are right. the truth is, the best thing we could do is go over the fiscal cliff. we have the same tax rates that we have when bill clinton was president. significant cuts in defense and also significant human services can you tell us. >> katie, let me ask you, before you respond to what governor dean is saying. there is logic to what howard dean is saying. i don't happen to agree with it. but i know where he's coming from. katie, let me ask you this -- katie can't hear me. we'll wait for her to get back hooked in. howard, what about the notion that i'm posing tonight -- i've said this a few times -- republicans better be careful. they're not going down your road and the democrats aren't going down your road. you have middle class tax cuts for the democrats and it sometimes sounds to me as an old reagan conservative
legislative chief rob neighbors bring the president's deficit-cutting plan to capitol hill today. >> i am very open to a fair and balanced approach to reduce our deficit. >> reporter: republicans want to know, does that approach include the government spending less money? >> we've put revenue on the table, as long as it's accompanied by serious spending cuts. >> reporter: white house negotiators are meeting with boehner and top republicans and democrats. executives from big companies heard the plan wednesday at the white house. at least one thinks there could be a deal here. >> if i were involved in a negotiation like this and everybody was purporting to be where they are, i would say that an agreement was reachable. >> i'm hopeful, but i wouldn't put me anywhere near optimistic. >> reporter: one conservative republican is now suggesting that while negotiations continue on whether the wealthy to pay more, congress should stop tax rates from going up on the middle class now. >> we're not going to raise taxes on those people, and i think we ought to go ahead and make that abundantly clear to eve
the city needs, this is not going to solve the city's deficit problems because the deficit problems are endemic. the start of the federal government.
to cut the deficit. and say republicans will have to give in. >> did speaker john boehner get the message? because the message was work together. >> they're not going to openly concede on this point this far out from the deadline, but they see the handwriting on the wall. >> reporter: late today, gop sources said that they have some details about the proposal brought here from tim geithner. they say the white house is offering $1.6 trillion in tax increases over ten years, 400 billion in cuts coming later. and no new proposals dealing with entitlement reform. republicans say for them, a nonstarter. >> kelly o'donnell, another cold night on capitol hill. thank you. >>> and as this debate goes on, a memorial service in washington today for a long-time budget-cutting warrior, former senator warren rudman, and david suitor was among them, and former senator and white house chief of staff, howard baker, a republican from new hampshire who authored a bill that included automatic spending cuts way back in '85. warren rudman went on to found the coalition that pushed for reducing the deficit. sen
simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the last second where they agreed. while they are bluffing, we could go over the cliff. >> where are we headed, mark? >> one side says that raising tax rates is an example, the other side says we will not balance the budget on the backs of students and seniors without asking those who make as much as i do not to pay another diamond. we are in the chest thumping a stage of this negotiation. we are interested in the product rather than the process. the process does the fact of the product and you don't want hostilities to make the final product unreachable. >> nina, there were a bunch of c.l.'s in town saying please do something so we can plan for our future. >> the difference betwe
city government right now. over each of the years i have served, we have had to balance budget deficits that were around $500 million. this year, we're facing another budget deficit of almost $400 million. fortunately in recent years, we have had some ability to do some one-time budgeting tricks that allow us to balance the budget that do not exist this year. in past years, we've received federal stimulus money. we received more monies from the state government. last year our labor unions decided to contribute a quarter of a billion dollars to help balance last year's and this year's budget. those are things we do not have the ability to avail ourselves of us we balance the upcoming budget in a few months. we are faced with far fewer options. i think we are going to have to continue to look at very deep and difficult cuts. our priorities have to be insuring and protecting the most basic city services and helping to ensure that we have services to the most vulnerable during this great recession. >> what about the city's housing needs? what should the board due to address those needs? >>
the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to governors here to talk about how that ch
the level needed to implement his proposals to cut the deficit unless taxes are raid on the wealthy. >> there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax rates will hurt the economy. now we need a response from the white house. >> unless the two sides reach an agreement by the end of this year, the automatic tax increases and spending cuts will take effect in the new year. >>> time to get a check on the markets now. the nikkei here in tokyo rose above the key 9,500 level as concerns about the u.s. economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by
different economy. what we have now is 8% unemployment. very sluggish growth and a trillion dollar deficit every year. you propose to raise taxes in that environment and you're not going to get growth. >> don't you understand you need to off set-- if you're serious about debt reduction, i think you are, don't you understand you need revenue and spending cuts. stuart: and how do you get revenues. >> how. >> please, go ahead, go ahead. stuart: it's easy you lower tax rates and keep incentive to work harder. >> we've tried that. stuart: and you can't-- what. >> george bush tried that. look at the deficit we had. stuart: well, wait a minute you cannot rewrite economic history. after george bush lowered tax rates the return to the treasury, the money coming into the treasury went way up and the deficit, by the way, in 2007 was 167 billion dollars. >> so. stuart: president obama has got, 167 billion a month just about. don't rewrite economic history, julie. >> i'm not rewriting economic history. stuart: you are. >> i'm not-- >> i'm telling you if you lower tax rates you'll get more revenue. >> t
that if they couldn't compromise on a deficit and revenue plan our economy would krafernlt turns out they couldn't compromise. so here's what they did. in order to force themselves to work together and compromise they concocted a catastrophic penalty that would itself crash our economy. brilliant! put it another way. if there is an asteroid headed towards the earth. we made it and fired it at ourselves. (laughter) because otherwise we would never have done the hard work required to protect ourselves from the asteroid. so the asteroid is comings. where are we at. >> if we're serious about reducing the deficit, we have to combine spending cuts with revenue. >> that's kind of an easy-- that seems very solvable. dems want revenue through marginal tax increases on the wealthy. the republicans want entitlement cuts. >> raising tax rates is unacceptable. >> jon: well, let's just check in with the democrats and see where they are at on entitle am reform. >> mr. durbin, the number two man in the senate and other democrats are saying entitlements for this fiscal cliff deal are off the table. >> jon: okay
, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he needs to be talking with the members of his own party rig
. there is no the a budget deficit crisis right now. in the years beginning 10 years from now, we will have very large budget deficits, but those are because of health care costs rising projected to rise very, very high and that's going to hurt medicare and medicaid, not because medicare and medicaid are the problems, but because underlying those medicare and medicaid problems programs are problems with rising health care. they're going to be problems for the whole country unless we get health care under control. that's why we need a single pair plan. that's why the affordable care act is a step in the right direction but it's not where we need to end up. >> cenk: from where it currently is arguing between a really conservative position and fairly conservative position to what the american people actually want, it's not a matter of what i want or you want, do not cut medicare and special security, cut oil subsidies and raise taxes on the rich, is that possible? >> i think it is possible. the obama white house democrats, particularly progressive democrats in the house and senate and especially the new crop co
together on a comprehensive plan to bring down the deficit. jay carney broke new ground by declaring that the president does on spending cuts within the budget plan to be included in the fiscal cliff talks. >> can you also look in the camera and say dear democrats, both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that was voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted major spending cuts and entitlement reform will not be part of these talks. nancy pelosi has been noncommittal about whether cuts will be in the deal. still, they are trying to breathe into the talks with vice president biden shopping avenue costco in washington, picking up a big-screen tv and an apple pie and insisting he is optimistic of the deal. >> i am. all these folks in the store. they are going to m
is essential to reduce deficit. >> today, pelosi clarified she was not referring to the sequester. unless there is action in a hurry, there is a risk national security could be affected in what is a takous world. >> i'm worried because the only part of the federal government that obama administration appears to be willing to cut is the defense department. >> education would be cut by $2.3 billion. medicare payments to hospitals would be slashed by 5.6 billion. and custom and border patrol would lose $823 million. >> the point is to make it painful so they want to cut with a scalpel than a m machete. but it's not clear they will. >> bret: please join chris wallace for "fox news sunday" this weekend. he will have an exclusive interview with house speaker john boehner on the fiscal cliff negotiations. chris will talk to tim geithner. a "fox news sunday" you do not want to miss. check your local listings. consumer spending was down .2 of a percentage point in october. the dow finished ahead. the nasdaq lost two. europe's economy remains in the tank. 17 euro zone countries have a combined unem
to do with the deficit. social security is totally funded by the payroll tax levied on employer and employee. if you reduce the outgo of social security, that money would not go into the general fund to reduce the deficit. it would go into the social security trust fund. so social security has nothing to do with balancing a budget or erasing or lowering the deficit. >> social security has nothing to do with the deficit. it's not president obama saying that. it's president reagan, their hero. and he also said this. >> we're going to close the unproductive tax loopholes that allowed the truly wealthy to avoid pay their fair share. in theory, some of those loopholes were understandable but in practice they sometimes made it possible for millionaires to pay nothing while a bus driver was paying 10% of their salary. that's crazy. do you think the millionaire ought to pay more in taxes or less? >> a millionaire should pay less in taxes than a bus driver. that's what this whole debate in washington right now is all about. joining me now is e.j. dionne from "the washington post." thank
the gramm-rudman deficit law, which was so important at the time. those issues remain important today. he did not aspire to be a politician, and he did not have to like one. he cared deeply. [laughter] we know he cared deeply about our country and devoted himself because he had a calling to shape and preserve our country's future. he believed deeply in the rule of law and used the force of his intellect to defend it. one of the things that is most telling about warren rudman is the statement that represents what he was all about. he once said -- i consider myself an american first and a republican second. fiercely independent, and totally committed to the common good, he had the courage of his convictions and stood for what he believed in. in bidding farewell to the senate in 1992, he expressed gratitude for the opportunity to serve in the senate with talented colleagues. many are here today to speak about their experiences with him. he also expressed his hope for the future of the senate, saying it is a very special place with very special people. i hope in the coming years that the inst
on the left vigorously opposed. >> the thing that is driving the horrendous deficit and debt problem are the federal healthcare programs. medicare, medicaid, tri care and related medical health programs. >> future deficits only make tax cuts even more contentious. any bill that permanently increases the deficit requires 60 votes in the senate. and these days, anything with the word "tax" in it, makes it hard to round up 60 votes. bret? >> bret: definitely. jim, thank you. >> you bet. >> bret: so do you think the white house and lawmakers will beat the deadline or is not let me know on twitter. you follow me@bretbaeir. republicans make a counter offer to get off the fiscal cliff. we have talk about it. what's in it. the president's response. the fox all-stars. they're next. [ male announcer ] you like who you are... and you learned something along the way. this is the age of knowing what you're made of. so, why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask if your heart is healthy enough for sex. do not take viagra if you
talked about during the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure that the country grows. and unfortunately, the speaker's proposal right now is still out of balance. >> sometimes you hear a sound byte and it sounds like the normal talking points of the campaign that you always here, you're always hearing politicians saying the same thing. but listen again to that last thing that the president said there. >> unfortunately the speaker's proposal right now is still out of balance. >> speaker's proposal is out of balance. empirical statement, sort of. there's a way to judge whether or not that statement is true. what's happening in washington is both sides, republicans and democrats, are making offers and counteroffers about how to deal with the fiscal mess that they created. this artificial debt line that washington created. the white house made its offer to republicans last week. they sent timothy geithner up to capitol hill to unveil the administration's offer to congressional republicans. the offer was e
a proposal. his proposal fails every test. let's not forget, the deficit isn't the biggest problem. it's the lack of demand and equity in our distribution of income, two little data points we shouldn't forget. 93% of the in jump added in the 2010 went to the top 1% and wages are the lowest they've ever been. it's simply not fair. for ideas to solve the problems and the deficit at the same time, bob rob an and larry summers suggested some away raise capital gains taxes. lets stop giving capital preferences over earned income. it's only fair and right. it won't solve the problem but will go a long way. back to john boehner. he doesn't say anything about this, because he refuses to raise rates. it can only be because he refuses to see the real problem. joining me now congressman thank you for joining us as always. >> thank you. am i right about the boehner proposal and what the underlying problems are. >> you are. also it's also true with the boehner proposal is it's not specific. he makes the general claim that will put $800 billion of revenuen oh the table but doesn't say from where. he
, for which we're responsible. there is a $1 trillion -- $1.04 trillion deficit this year, fifth year in a row we have this kind of number. we're going to, as folks used to say when i was a young fellow, this country's going to hell in a hand basket if we don't get our act together. >> and right now, we still have time. dollar's not falling. we don't have treasury bond yields soaring through the roof lou: the euro is rising against the dollar. isn't that embarrassing? >> that's not a concern to the administration or congress. lou: we should say to hell with the sound dollar. let's em brails strong competitiveness. last i looked at the trade deficit, we were, again, lagging and uke sucking popped water. there's a rising deficit stripping our gdp. >> and right now europe is in a relatively deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. how long will that be the case if we go over the cliff? >> won
ceiling is clear. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that this debat
't raise enough taxes to completely deal witthe deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional cuts. i do want to remind you though, that we have already voted on one trillion dollars of cuts, cuts that would cause great pain. i agree what you 100%. it can not be done. melissa: spending cutting numbers are even smaller than the tax numbers. they don't get us there either. i'm worried about stalling the economy. in the meantime when we talk about raising taxes and what it would do to small business. democrats like to point out we would only raise taxes on 3% of small business owners. >> right. melissa: but that 3% generates 50% of the inme from small business. so they're hiringhe majori of people. to me that is going to cost us jobs. >> well,ou know what? i think that what will cost us jobs for sure is if we go off thissfiscal cliff, because it is not just about ising tacks. it is also about the debt ceiling. it is about unemployment insurance. we have number of key issues that absolutely have to be resolved byythe end of the
but used that money for deficit reduction because he believed that would control the economy. president clinton did listen to him. and i'll tell you, i talked to bob rubin about that anecdote where clinton says you tell me a bunch of bond traders control the economy -- i'm paraphrasing -- and rubin said, yes, i am. i asked him about that once a couple years ago, and he said it was true. it wasn't as dramatic woodward made it out to be, but it did has happen. but you didn't get that out of geithner. you kind of don't think you'll get that out of lew. he's very much aligned intellectually with president obama particularly on the notion of fairnesses. you know, you talk to economistses. should we really be raising taxes now? no. hour hour tax increases, we're going to lose the deductions -- >> probably shouldn't be cutting that much. the economy is like in a very weird state right now, kind of like i think the notion is to grow it now, you know? and, you know, this guy doesn't see that. he sees raising taxes not as an economic efficiency so to speak, but as you know, you don't get a lot of
getting the debt under control and deficit and government spending under control especially when you understand that we have ha and post office in trouble. we continue to get closer to the fiscal cliff. i think that the president should take a case study and look at calvin coolige and john f. kennedy when they went in and lowered tax rates and you increase revenues which is what we are talking about. >> did you feel like it was a bait and switch from president obama and what you heard about in the campaigns. light on the details . i heard from members of congress that that is not what you thought was going to happen. >> you are absolute low right. what you see happening right now, dana is the art of politics and verse us the science of good policy. we need to move away from campaign mode and stimulate economic growth and wealth expansion and not wealth distribution. when the president is focused on the wealth distribution politic which thomas jefferson and hamilton lincoln talked against we are headed on down the wrong path. more people are pushed to food stamps and more people pushe
. >> here's the key. i don't think they can do a two-step deal unless we agree to long-term deficit reduction. the uncertainty will remain. that is in a sense, kicking the can down the road. and that is the worst outcome. >> here's what you can do. you can come up with an agreement on the big framework of an overall deal before want fiscal cliff. how big is the deal going to be? how much in revenues? how much are we going to do with entitlements and then it has to go through the committee of jurisdiction how to do tax reform right and health care right. you need to come up with a top line parent of the deal and make sure it's big enough to fix the problem. one of the concerns i have is start negotiating down and down and down and not really fix the problem and there's no impetus to finish up. >> they have to scale back the cliff, the tax increases and spending cuts. the second is the debt ceiling. and the third thing is the path to fiscal sustainability, the long-term deficit reduction, tax reform, reforms to the entitlement programs that get to us a stable g.d.p. in the future. and
in australia. pretty cool. >>> well, a new campaign that's meant to raise awareness about the deficit crisis, is getting lots of buzz. >> it calls on young folks to get serious about the deficit, and it stars former senator, alan simpson. >> stop instagraming your breakfast and tweeting your problems. and getting on youtube so you can see "gangnam style." >> he's got the moves. >> you go ahead, boy. >> 81-year-old alan simpson, right there, kicking it gangnam style. the can kicks back, a play on kicking the can down the road. that's simpson of simpson-bowles. >> that was the commission working to reduce the deficit. there's your commission chairman. whatever gets folks' attention, right? the work not in vain. there's your chairman. looking good, allen. break it down. looks good in everything. >>> you know those dog owners who swear that fido really genuinely is pretty smart. >> let's not offend all of the dog owners. they are smart. >> look at this. some proof here. experts are teaching dogs how to drive. they say it took only eight weeks for the canines to master the basics. >> it's part of
of 2013-type solution. but the reality of dealing with this economy, its debt, it's deficit, spending priorities and all of that is not going to get done in the next five weeks. so let's be honest about that. i agree with you. i think that they're going to come to a short-term stopgap solution that deals with the cliff, that deals with the bush tax cuts that expire, that deal with the increase in unemployment rate that's due to hit in january. they'll deal with those short-term things, but the long-term systemic substantive points that need to be addressed will not get addressed in the next four weeks. >> steve, how would you markets respond if they decide we'll have a short-term fix but we haven't actually managed to come up with the real healthy response to what the economy needs? >> you're seeing a total kick the can. we really got nothing done this december, tough luck, we just want to extend it six months, i think the markets would be jittery but would probably accept it. going over the cliff -- and we were talking about this the other night in washington with a bunch of ceos," g
accomplish something. if you go back to before bush tax cuts, three quarters of the deficit is gone. it was supposed to sunset two years ago. when is a good time to let those things sunset? >> you're right, there's never a good time. >> maybe do something with the sequester, but let the tax cuts expire. >> although i have to say at this time it's too much i think in terms of the tax increase. >> we never want any pain. >> you're right. and we do need to get our fiscal house in order. but again, this is why the idea would be to come up with a longer term plan where you could scale some of these things in and you have to come up with a plan that you'll stick to, otherwise you get into this where -- >> we never stick to anything. if we get another deal that is toothless and -- >> the markets will become even more skeptical because we've seen this before. but i have to say two things. i don't necessarily buy into the deal that there's a fiscal slope. i have to say on the tax side, one of the things we keep talking about is the amt. boy, that's something that will -- >> howard goes on an
? >> because it's not really kind of a huge driver of the deficit we're talking about right now. it's really the health care programs. but i think if you just pull back and make it really simple for a second, what you see are the democrats are saying, wait a second. increasing taxes a little bit on the rich or significantly on the rich, however you want to look at it, is pretty popular with the public or at least has broad public support. cutting entitlements is not very popular. it could be the right thing to do. perhaps there's a way to do it. but it's not very popular. you're asking us to not do the thing and say that you want to help us do the thing that is popular. and you want us the democrats to go on the table and lay out the details of the thing that is really unpopular. are you crazy? >> your short answer is no, we will not get any significant entitlement reform? >> not now. i think what the democrats want to do is kind of box those tax hikes up and get them agreed to in principle. kind of break the republicans' back a little on that. then, okay, maybe we can have a discussion on e
with a balanced approach. deficit reduction. >> after the president's remarks, i spoke with his main man on the fiscal cliff, treasury secretary tim geithner. >> let me ask you, the reaction to your going up on the hill and saying this is basically the white house position has been -- mitch mcconnell saying i think it was just demeaning for them to ask the treasury secretary to come up here and give a proposal like this and by this we have people saying it's a sham, it's -- you know, ridiculous, it's a nonstarter. when you went up there, you didn't think republicans were going to go "good idea." >> you know, what we're trying to do is get these guys to come together and reach an agreement that's going to be good for the country and good for the economy. >> by these guys you mean you all and the republicans. >> and democrats together. >> and the white house. >> that's what we're trying to do. what we did was put forward a very comprehensive, very carefully designed mix of savings and tax reforms to help us put us back on the path to stabilizing our debt and fixing our debt and living with
for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare. >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close or directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduation. >> we're here to make things better. we're here to tutor kids. we're here to make sure th
cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the debt. they also have the authority to authorize the bill that pays the debt. so now the president wants to take that away. this guy has shown a tendency to say that i don't need congress. i can pass laws with a stroke of a pen on executive orders. he doesn't need the supreme court because he declares laws unconstitutional, like doma. he says he wants an unlimited credit card, and you all will have to pay the bill. we have a debt ceiling, as much as people anguish over it, we need to have a conversation about what we are spending and why. will this be a problem if the president followed through on his
if you'd done been the biggest tax loopholes. they don't come close to fulfilling the deficit. how significant are these deductions when we look at their role in the big picture of solving the fiscal clef? >> they can be important, the goal is not to get rid of the budget deficit. i don't think anybody has a realistic hope of getting rid of the budget deficit and a lot of people don't want to get rid of the budget deficit. certainly, opinions differ. they can be a managing part of the deficit. >> do they play a role in negotiations and talks? there is a group advocating for every one of these deductions that people are used to getting. could they end up on the chopping block? >> definitely. >> there is also a link to see more at our website for the gop proposal. we are going live to the house. a requirement that financial restitution set of privacy notices. for what purpose does the gentlewoman rise? >> i move to suspend the rules and pass the bill h.r. 5817. the speaker pro tempore: the clerk will report the title of the bill. caller: h.r. 5817, to provide an exception to the annu
that there are no miracle cures. does the hard work and dealing with deficit and ensuring that britain wins the global race. that work is underway. the deficit is down. borrowing is down. jobs are being created. it is a hard road, but we are making progress. everything that we do, we are helping those who want to work hard and get along. thank you. [cheers] [cheers] >> mr. speaker, today after 2.5 years, we can see and people can feel in the country the scale of this government economic failure. [cheers] our economy this year is contracting. the conferred government borrowing is revised this year and every year. the national deficit is not rising. excuse me, it is rising, it is not falling. [cheers] i will say again that our economy is contracting this year. government rowling is revised up and the national debt is rising. it is not falling. there are people struggling to make ends meet. middle and lower income families who are paying the price. where millionaires get a tax cut and a 3 billion-pound welfare handout to the people who need it. let me spell out the facts. you might learn something. [cheers] [
who actually came up with a plan to cut the deficit, a plan that everyone hailed as magnificent but no one wanted to adopt. >>> joining me now is cnn contributor will cain. he leans right. good morning, will. >> good morning. let me tell you something. you said the popularity of gangnam style knows no limits. i beg to differ. >> you do? >> i think we just found its limits, when 8-year-olds start doing gangnam style you can count on its popularity decreasing. we're about a year away from it being makarena. >> trying to get two sides come together to come to a deal on the fiscal cliff. >> i don't know about young people's abilities to force cats and dogs and democrats and republicans to come together to find a deal. he had a much more profound message than just simply dancing in that clip, in that psa essentially. he was trying to alert young people to the fact that old people, bluntly, are organized. look at the army of aarp representatives that ensure that programs like medicare and social security, programs that take up something like 50% of our federal budget will remain intac
discussed for more than a year and a half on the campaign trail, $4 trillion of balanced deficit reduction. weight not a real proposal what is john boehner sent to the white house which actually lowered rates for those at the top but asked the middle class to bear the entire burden of deficit reduction. that's not what the american people voted for. i mean if you look at even cnn's exit polls all over this country, upwards of 60, 65% of people voted for balanced deficit reduction, which means asking those at the top to pay their fair share. more people voted for that, the idea of that, then they voted for the president. so we need to look to the american people and look what they want on how to reduce the deficit. we have to do it in a balanced way and fair way. >> but if you look at polling and i know you don't always just go on polling, right, but polling is also -- you ask people what should be cut, 79% say don't cut medicare at all and i think that lots of things, democrats and republicans have said, that is on the table too. you don't always necessarily follow the polls when you liste
balanced, responsible ways to reduce our deficit next week. we can reform our tax code next year. but we must give economic certainty to the middle class now, today. democrats agree, independents agree, and the majority of republicans agree, mr. president, and the american public agrees by a huge margin. even dozens of c.e.o.'s from major corporations whose personal taxes go up under our plan emphatically agree. the only people who aren't on board are republicans in congress. but now even they're crying out for compromise. i only hope my friend, john boehner, is listening. the presiding officer: the republican leader is recognized. mr. mcconnell: i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: mr. mcconnell: mr. president? the presiding officer: the republican leader is recognized. mr. mcconnell: i ask consent that further proceedings under the quorum call be dispensed with. the presiding officer: without objection. mr. mcconnell: yesterday afternoon came to the floor and offered president obama's proposal on the fiscal cliff to show t
progress. britain started with a large deficit, but we're getting it down. >> you've drawn criticism about the lack of supporting growth. when will we see measures that booth the long term growth of the economy. >> i think you see two sorts of measures. big structural reforms to education and welfare, but also yesterday changes to our tax regime. so we now have one of the lowest corporation tax rates of any major economy in the world. we've just cut it so that it will be 21%, much lower than our competitors. and we've also greatly increased the allowances for small and medium sized firms so they can invest and expand. so where we've been able to help businesses, we've absolutely done that, and we've had very positive reaction from the business community. >> how concerned are you about the aaa rating and the risk that we continue to drift, still need to cut more and boost growth? >> well, we've got to go on commanding the confidence of the world that we can deal with our debts. that is reflected in the very, very low interest rates that we get at the moment for gilts. and of course that's t
, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided government means that neither democrats nor republicans will be able to pass legislation along strictly partisan lines. we cannot tax our way back to budget surpluses and economic prosperity without major spending cuts and entitle 347b9 reforms we will continue running a huge deficit regardless of what anyone does on either side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be 8$850 billon year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he hasn't put
longer, has always been talking about a balanced approach to tackling the deficit. when he talks about balanced approach, he means tax revenue and cutting spending, however the only part of the conversation we're having is about tax revenue. no conversation whatsoever about the spending part of this equation. that's because he has no intention of cutting spending. >> sean: senator chambliss is clear, it's increasing revenue, getting more money from the american taxpayer. isn't that a tax? >> yes. what they fail to see or don't want to see or acknowledge this country doesn't have a revenue problem. there's plenty of revenue coming into the treasury. remember the "t" in tea party stands for tax enough already. we have a severe spending problem. before barack obama became president, sean, federal government spending was about 18%, 19% of gdp. barack obama and the democrats have pushed it up to 24% to 25%. >> we're talking about spending more money to artificially prop up the markets. the problem is, sean, republicans are using the word revenue rather than tax hikes. the national conversat
deficit. we still have, the president still has $1 trillion plus deficit if this next fiscal year. he had it for the past four and he has it for the next four if he follows the same course. that is not a road to prosperity or job creation. or economic vitality. >>neil: i want to be clear, congressman. republicans do not appear to be on the same page on this, as republicans, are you saying your view, hiking the rates or adjusting in any way is felt universally by your colleagues? we know a couple of them have bolted from that but you are going to hold in lock step on that position? >>guest: there is a universality in our conference with 240 of us in the house of representatives so there are 240 different opinions but by and large the majority of us firmly believe raising tax rates is counterproductive and doesn't solve the problem. >>neil: always a pleasure, sir, thank you. take the money and run? not quite but quite a run of companies hiking dividends. and disney is the latest and it will probably not be the last and the calendar could be the reason because january 1, you could, taxed to
is on the line. >> we've got to reduce our long-term deficit. that's also important to long-term economic growth. and we have said we need to do that in a balanced way. >> how gutless is it to blame the people who are still working in this country? >> the only reason democrats are insisting on raising rates is because raising rates on the so-called rich is liberalism. >> asking for a political price to be paid in order congress to do its job, to ensure that the united states of america pays its bills, does not default for the first time in its history is deeply irresponsible. >> how gutless is it to blame them for the problems that exist in this country? >> their interested in wealth destruction. the country doesn't need a victory lap. it needs leadership. >> president obama had said that he has pen in hand, he's prepared to sign the middle class tax cuts. >> i think it's important congress act now, i mean right now. >> they're still not paying they're fair share? the people working have to pay even more in order to cover the incompetent errors by the spenders over all these years. >> greta: for
and its deficit. that's what we need. to try to slam the brakes right now and get to balance tomorrow is not desirable. economists will come on your show and tell you that that would not be good for the economy. so i think we're dealing with a degree of artificiality right there. >> congressman keith ellison, thanks for joining us. >> any time. thank you. >>> for more on this, let's bring in our cnn political contributor and republican strategist, mary matalin and cornel belcher, democratic strategist and pollster with the obama 2012 campaign. mary, what do you make of the details of this opening bid from the white house? republicans have already dismissed it but does it give us any clues at all about what an eventual deal might look like? >> it's reported that mitch mcconnell, senate minority leader, burst out laughing when he heard it. it's not even worthy of a laugh. it's really sad, it's pathetic. we went from a reasonable theoretical $3 in cuts for $1 in revenue which was basically the simpson-bowles, and are now at $4 of real and immediate tax increases plus new spending for in
of a process to reduce the deficit the others face. >> republicans don't like owning reform either. this was tom cole on sunday. >> only obama can fix entitlements. democrat versus democrat fight over entitlement which mirrors their fighting over taxes. a response to an argument that was starting before former adviser steve ratner and minnesota democratic congressman keith ellison with near glee. there is no real choice about that. we're clear social security is off the table. this is, to me, the much more interesting debate between tom and dan. >> you want republicans arguing. both sides are also battling for control of the debt ceiling which may represent the republicans' greatest point of leverage in these budget talks. goo the speaker of the house says that's a nonstarter. >> silliness. congress will never give up the power. i've made it clear to the president. we need cuts in reform greater than the increase in the debt limit. >> bottom line, you've got to put a detailed plan on the table that the white house ends up agreeing to some of it, rejects some of it in the same way t
income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill that extends those tax rates for the top 2 percent. we cannot afford it. it is not wise economic policy. not wise fiscal policy. it would defeat the principle of balance that he has embraced. >> the president wrapped up an hour long twitter session promoting what he called a balanced approach, as far as deficit reduction. >>shepard: is this posturing? >>reporter: well, it is, this great measure. each side wants to blame the other. and not just if we go over the cliff, but if they do reach an agreement, each side wants the other to take the blame for the parts of the ultimate compromise their
split right down the metal on the political ppll on how they want obama to cut the deficit. 41 percent responded in favor of spending cuts. 41 percent of respondents saying they favor tax increases. the white house says it will offer a counterproposal to house speaker proposal. saying that unless he accepts tax increases on the rich the president is willing to go over the cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failure to resolve the issues. joining as, former special assistant to president george w. bush, a veteran political consultants and republican pollster. let's start, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the president is very ready because they are reading into this election last month a mandate that i simply don't see. the president got 15 million americans to vote against him which fail to produce any type of meaningful budget in his democratic controlled senate. we are at the disco club because of the president's inability to ever a si
the middle class because given that we have a large budget deficit down the road and given that if we don't want to and they don't want to cut military spending, what's left? they will have to cut programs beneficial to the middle class. this is another example, this is a continuation of the war on the middle class that they started years ago. now it's becoming clear for everybody to see. it was very clear before the election, but we had an election. americans repudiated the republican idea. reverse robin hood economics and yet they are coming back with it. over and over and over again. i think the fact that boehner will not schedule a vote on the middle class extension of the bush tax cuts that the president wants, the senate has already passed this. boehner is under increasing pressure to schedule a vote on this and get it out of the way. once they do that, the game is over. >> nancy pelosi is trying to take care of that. she plans to bring a discharge petition to the floor of the house tomorrow. this would force republicans to openly accept or reject the middle class tax cuts. did this
more deficit reduction if we do the fiscal cliff. i think the markets will reward the fiscal cliff over a period. there will be some panic and moaning and groaning, but first of all, the fiscal cliff is not a real cliff. it's a slope. and you're going to get the biggest bank for the buck in terms of deficit reduction. i think the economy can stand it. yes, we will go into two quarters of recession the cbo says, and i believe that. we're in deep trouble here. somebody's going to have to pay the bill. it's going to have to be all of us. >> joining me with more on all of this, patrick j. buick as well as former clinton special counsel davis. the president campaigns on $800 billion in new taxes. he now wants 1.6 trillion. he wants twice the amount, lanny. he wants a blank check and congress to give up its authority as it relates to money and say no, no, let me raise the debt ceiling any time i want. he wants 150 billion in new stimulus but no entitlement cuts at all, no spending cuts at all. now that sounds to me like somebody that's not serious. >> i don't know where to begin to correct so
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